Putin: Russian economy weathers sanctions, but they should end

ST. PETERSBURG/PARIS, Jun 2 (PRIME) -- Russia’s economy has overcome Western sanctions, but it would be much better if there were no sanctions at all, they should be ended as soon as possible, Russian President Vladimir Putin said at a plenary meeting of the St. Petersburg International Economic Forum on Friday.

In 2014, relations between Russia and the West deteriorated to their worse since the Cold War due to a military conflict in Ukraine. The West introduced sanctions against some Russian individuals and firms and further against the energy and banking sectors. In response, Russia limited food imports from some countries, including the U.S., the E.U., Canada, Australia, and Norway.

Federal Chancellor Christian Kern said anti-Russian sanctions are horribly disadvantageous for Austria and cost about 0.3% of the country’s gross domestic product (GDP).

“We need to cooperate intensively in this respect to create a future based on cooperation,” he said.

Kern also said that there is a single European approach toward this issue. “The sanctions are being discussed, there will be a discussion on their prolongation. The role of Austria is to participate in the process,” he said and added that it is a “delicate issue.”

French daily newspaper Figaro reported that Russia’s retaliatory ban on food supplies resulted in 8.1 billion euro losses for the E.U. The pork, milk, fruit and vegetables industries were hurt most of all.

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